UPDATE: Deutsche Bank Raises Price Target on L-3 Communications to $80

According to Deutsche Bank, L-3 Communications

price target is raised to $80. Deutsche Bank said that underlying EPS of $2.54 was ahead of its/consensus $2.48/$2.40. “We are raising our FY12 estimate to $8.55 (from $8.47), the top-end of mgmt's guidance given our view of some conservatism. Our new price target of $80. (prior $77) is based on 9.3x our 2012 EPS estimate, which is in line with the company's recent trading average and is slightly higher on modest recent peer multiple expansion.” L-3 Communications closed yesterday at $70.74.